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Trillion Dollar Bailouts Equal Crony Capitalism

The Federal Reserve is supposed to be a lender of last resort, not an ATM for Wall Street
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reason.com The list could go on for pages because the Fed lent to nearly any financial institution it could find. And since no one could convincingly value all those toxic mortgage-backed securities during the height of the crisis (one of the reasons Treasury Secretary Henry Paulson decided to use TARP …